Capital One to purchase Hibernia for $5.35 billion
Scary, very scary ...
Capital One’s Fairbanks Adds Branches With Hibernia Accord
“March 7 (Bloomberg)—Capital One Financial Corp. Chief Executive Officer Richard Fairbank’s agreement to buy Hibernia Corp. for $5.35 billion makes his company Louisiana’s biggest lender and gives him a foothold in Texas.
Yesterday’s decision by Capital One, the nation’s fifth- biggest credit-card issuer, gives the McLean, Virginia-based company 314 branches in Louisiana and Texas. Hibernia will get 45 percent of the $33-a-share offer in cash and 55 percent in Capital One stock.
``This acquisition is a natural extension of the diversification strategy that we have been pursuing for some time,’’ Fairbanks said in a statement. The merger will create one of the 10 largest U.S. consumer lenders and close in the third quarter, the companies said.
Fairbanks, who was 53 as of March 2004, spent the past year buying U.S. and U.K. home-equity lenders and a car-financing business in California. He may struggle to add deposits through Hibernia should energy prices decline, weakening local economies served by Hibernia, now Louisiana’s biggest bank, said Richard Bove, an analyst at Punk Ziegel & Co. in Pinellas Park, Florida.
``Louisiana is a state tied to the oil industry,’’ said Bove, who doesn’t rate Capital One shares. ``If you’re going to buy a bank, I’d buy where you don’t have risks related to the economy.’’
...”
Right now I can’t think of anything to say that shouldn’t be censored.
Oh, there is something to say.
I recently had a reader blame the unscrupulous Capital One business practices on East Indians.
I don’t get it. East Indians make the policy at Capital One, decide not to report to credit limits, to purchase 15+ year old charge-offs and re-report them to the CRAs for 7 years, not to respond to customer mailings, not to refund fraudulent charges, to protect the identity of criminals who stole customers’ identities, to hire debt collectors who couldn’t care less about collection laws?
James McAfee, Senior VP and General Counsel for the Federal Reserve Bank of Richmond, who has been refusing to enforce the FCRA for several years despite my complaints and law suits, is East Indian?
The reader wanted me to write a letter to Bush because he is such a great president who truly cares about us and who would immediately take action to put Capital One back in its place.
Obviously, if YOU think that’s true, YOU can waste YOUR time to write a letter to Bush.
How many people are so incredibly gullible is even scarier than Capital One buying Hibernia, and the root of the problem.
Posted by Christine on 03/07/2005 at 12:52 AM
2004 Suit (credit limits, credit reporting - on appeal) • Capital One - ruthless banksters • (0) Comments • Permalink
